The Israel-Cyprus-Crete EuroAsia Interconnector electricity project, now renamed the Great Sea Interconnector, shows promising results. Cyprus' Energy Minister, George Papanastasiou, announced that the Republic of Cyprus will make a decision on its participation by the end of January. This followed a meeting at the Presidential Palace with President Nikos Christodoulides and a delegation from Greece's Independent Power Transmission Operator (ADMIE), the project’s implementing body.

ADMIE's President and CEO, Manousos Manousakis, expressed hope for Cyprus' involvement, emphasizing the benefits of cheaper, cleaner energy and improved energy security for Cyprus.

Manousakis also revealed that construction for the Cyprus-Crete link is slated to begin in 2024, estimated to take 4 to 5 years. A contract with Siemens for connecting converters in Cyprus and Crete is expected by late 2024.

The Energy Minister highlighted the significance of the meetings, identifying areas needing immediate attention by Cyprus. He noted that the study, initially drafted by a firm, showed positive outcomes. The investment decision, initially planned for December, was postponed to January due to delays in finalizing the study.

Papanastasiou confirmed that contracts for cable laying have been signed, with another significant contract for voltage converter construction anticipated in 2024. He clarified that Cyprus' participation does not involve state-guaranteed loans but may include an equity contribution.

Regarding share capital, Papanastasiou stated that the entity representing Cyprus and ADMIE should hold the majority. He mentioned a proposed investment of 100 million euros from Cyprus for share capital in the project.

Addressing the project's financial aspects, he acknowledged the rise in total costs to €1.9 billion due to material price increases. With an anticipated €800 million grant from the European Commission and Cyprus' contribution, additional funding of around €1.2 billion will be sought.

Regarding Israel's involvement, negotiations were paused due to the conflict with Hamas, with hopes to resume post-hostilities.

Manousakis emphasized the strategic significance of the project for Greece, Cyprus, and the Eastern Mediterranean, affirming ADMIE's desire for Cyprus to be a shareholder for smoother implementation.

He detailed the contract with Nexan for cable construction and the anticipated Siemens contract for converters, estimating around 4.5 years for project completion. He stressed the importance of focusing on the long-term reduction in electricity costs for Cypriot consumers rather than the project's immediate cost.

Lastly, Manousakis noted that an agreement between Cypriot and Israeli regulators, similar to that with Greece, is necessary for the Cyprus-Israel link to be economically viable.

The project's new name, Great Sea Interconnector, symbolizes the transition to its construction phase.